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Industrial Rev.

TermDefinition
Urbanization The process which cities grow. People moving from rural to urban areas.
Textile Raw materials used for making fabrics
Industrialization An area or country develops a strong manufacturing sector.
Raw Material Natural material that is used by human industry to create a product.
Cottage Industry Product that is made in steps by different workers in their homes.
Factory An industrial building where workers manufacture goods or supervise machines that produce products.
Mass Production The manufacturing of products on a large scale in factories
Entrepreneur A person who takes the risk of organizing and operating a new business
Crop Rotation The planting of different crops on the same land to improve soil fertility and help control insects and diseases.
Socialism Economic system which the government controls all means of production (the economy), and there is no private ownership of property or business.
Economic System The system of production, distribution, and consumption of goods and services of an economy. Examples: Capitalism, Socialism, Mixed Economies.
Traditional Economy An economic system that usually depends on agriculture as its main production. In this system, traditions, customs, and beliefs often determine its operation.
Command Economy An economic system in which prices and supplies are determined by the government.
Market Economy An economic system in which prices are determined by market prices.
Capitalism An economic system with private ownership of the means of production (like in the US)
Patent Set of exclusive rights granted by the government to an inventor in exchange for a public disclosure of an invention.
Free Enterprise Businesses competing for customers or markets
Supply and Demand How much of something there is and how much something is wanted
Laissez-Faire The idea that government should do nothing for the economy
Labor Union An organization of workers that is set up to protect its members' interests in terms of wages, benefits, working hours and conditions.
Strike When workers stop working in order to make demands on their employer
Created by: caisleyhastings
 

 



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